Mr. Batbold is a 31 year old taxi driver. He lives with his wife and two sons in Kherlen soum of Dornot aimag, the far eastern province of Mongolia, which is 700 kms away from the capital city.
He has been running a taxi business since 2006 and it is the only source of income for the family at the moment. His wife looks after the youngest son who is 4 months old. Batbold is planning to increase his family’s income by renting a stall at the local outdoor market and selling clothes, which he will buy from wholesalers. Batbold’s wife Oyuntuya is going to operate the stall. While Oyuntuya is at the market, her mother is going to look after the kids.
The loan Mr. Batbold is taking will be used to pay for the first installment of stall rent and to buy clothes to sell from wholesalers.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.